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Oct. 24, 2014 – The Week in Phone Fraud

This week in phone fraud news, the Financial Fraud Action UK (FFA UK) warns of the upsurge in two types of phone scams and premium rate service fraud hits SMBs.

On Tuesday, Finextra reported on a warning issued by the FFA UK regarding two types of phone scams: invoice fraud, where criminals send in fake requests for payment, and phone fraud, where companies are telephoned and tricked into revealing important payment details.

On Sunday, The New York Times published an article exposing an increasingly popular method of phone hacking called premium rate service fraud. This method involves hackers breaking into a company’s phone network and routing calls to premium-rate telephone numbers in foreign countries. This type of attack is targeted mainly at small businesses and cost victims $4.73 billion globally last year.

Full Breakdown of This Week’s Phone Fraud News

Naked Security: Is Your Phone Line A ‘6-Figure Liability Waiting To Happen’? – Oct. 22, 2014

Lancaster Guardian: Scam Callers Warning After Phone Fraud – Oct. 22. 2014

KJCT: Scam Artist Attempts to Prey on Local Grandmother’s Emotions – Oct. 22, 2014

Finextra: FFA UK Warns Of Upsurge In Business Invoice And Phone Fraud – Oct. 21, 2014

WTHR: Admitted Phone Scammer Talks to Eyewitness News as Scam Heats Up – Oct. 21, 2014

Help Net Security: Hackers Make Companies’ Phones Call Premium-Rate Numbers, Cost Them Billions – Oct. 20, 2014

Inc.: How to Block Fraudsters From Ringing Up Massive Charges on Your Phone Bill  – Oct. 20, 2014

Associated Press: Sheriff Warns Of Phone Scam in Chattanooga, Asks For Funds to Settle Fugitive Warrant – Oct. 20, 2014

The Daily Star: How to Avoid Phishing? – Oct. 20, 2014

The New York Times: Phone Hackers Dial and Redial to Steal Billions – Oct. 19, 2014

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